Business Terms

Supply- the amount you have in stock

Demand-How much your customers want your item

Scarcity- A resource has more than one use

Producer- People who use resources to make stuff

Consumer- People who buy or use good or sevices

Goods- an object that satisfy wants

Services- thing performed by people to satisfy there needs

Entrepreneur- Someone who uses there skill to make money

Cost- an amount that must be paid to purchase something

Opportunity Cost- something that isn't as good as money but can be paid to get something

Competition- some one who wants to run you out of business

Income- how much money one gets for working for someone

Expenditure- how much one pays for something to get an item

Barter-being able to trade without giving any money

Inventory-A list of stuff by one person or an amount of items in stock

Invest-Putting money in to a business to gain money

Material- and item someone has for sale or for themelves

*Capitalism-Stuff made and used to produce products

*Socialism- ownership of goods to be delivered

*Communism- a idea or system of people based on holding on to there property as long as possible